Goldman Sachs Group Inc. raised its forecast for U.S. benchmark oil by 31 percent to $85 a barrel for the end of 2009 and predicted further gains next year as demand recovers and supplies shrink.
“As the financial crisis eases, an energy shortage lies ahead,” Goldman analysts Jeffrey Currie in London and David Greely in New York said in a report e-mailed today. The bank set a 12-month price target of $90 a barrel for West Texas Intermediate crude, up from $70, and introduced a forecast of $95 for the end of 2010.
Oil posted its biggest monthly gain in a decade in May, and this month traded above $69 a barrel for the first time since November on speculation a global economic recovery will trigger a rebound in demand. A decline in the value of the dollar has also drawn investors to crude and other commodities as an inflation hedge.
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The rally has been driven by the “unwinding of pricing dislocations caused by the credit crisis,” Goldman said in the report dated June 3. It’s a “prologue” to a price recovery in the second half of the year as the global economy stabilizes and crude inventories decline, the bank said.
Crude oil for July delivery traded at $66.87 a barrel on the New York Mercantile Exchange as of 9:05 a.m. London time. Goldman had expected oil to dip during the middle of this year, then rally in later months.
June 4th, 2009 at 2:26 pm
“Investigate and Prosecute the Iraq-Torture Scandal”
sign here:
Curently [19505 of 100000 people have signed]
http://www.democrats.com/iraq-torture-petition
June 4th, 2009 at 2:31 pm
*****URGENT***** – STOP Gen-Mais Bt11 und 1507.
Protest against the use of genetically-modified crops (currently 27424 signatures)
[For Germany]
http://www.campact.de/gentec/sn6/signer
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“European Alliance of Initiatives for Applied Anthroposophy”
[Sign from all arround the world. Current progress : 769.537 signatures] (1000000 votes needed)
http://www.eliant.eu/new/lang/en/?p=4
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“Ecomedicines and Public Health” Petition.
Petition addressed to the European Commission
(French language website: maisonecologie.be)
SIGN HERE (Website in 7 languages. Currently 5295 Signataire)
http://www.petitionecomed.eu
June 4th, 2009 at 2:34 pm
Bet the guys on Wall Street will s--- and fall back in it, till they realize their gas is 4 dollars a gallon. Then they’ll bitch just like everyone else, when they fill up their Hummer.
Jeremy Reply:
June 5th, 2009 at 8:19 pm
The rampant speculation just sows the seeds of its destruction. People will use less just as they have been, and their lil boom will go bust. We keep letting them fill this bubble up, it needs to end for the people of this world’s sake.
June 4th, 2009 at 10:50 pm
SAME OLD BULLs---, f--- THIS SYSTEM
NO ONE IS WORKING YOU f---ING MORONS
June 4th, 2009 at 11:27 pm
Folks, GS is SCAM.
During 2009 a tiny unknown company STEORN will publicly introduce a new breakthrough technology called ORBO.
ORBO is cheap and clean free energy technology and end of scammer’s dreaming about new oil bubble.
http://www.steorn.com
June 5th, 2009 at 6:11 pm
I don’t care if gas went to $20.00 a gallon. There still has to be people with jobs and money to buy it. Cheap free energy, I’m sad to say, is bulls---. That’s been possible for a long time. If you tried to get it out there,you wouldn’t live long. You’d dye of cancer 2 days later.
June 6th, 2009 at 12:26 pm
ALL economic TRUTH SEEKERS you must visit this economic website immediately.
http://www.avaresearch.com/
Mike Stathis of AVA Research runs a highly respected economic intelligence website that provides uncensored economic truth. Most of the information on this site is FREE of charge and provides insightful information that NO corporate media site will speak about.
http://www.avaresearch.com/
Mike Stathis is one of a few economic figures who speaks the TRUTH. Anyone frustrated with the economic bail-outs or has lost money in the stock market needs to visit this website NOW.
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Mike Stathis has been blackballed by the mainstream media due to his highly accurate financial forecasts. He is not allowed on the air at CNBC or FOX Business. The corporate media wants Stathis censored BIG-TIME because he speaks the TRUTH.
Stathis has written volumes about what is happening today, especially the seminal book “America’s Financial Apocalypse” written in 2006. His books are readily available on Amazon.com.
Please do your financial future a favor and check out:
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